Restaurant Listings Analysis
A 2,100-square-foot Atlanta restaurant is asking $75,000 with $180,590 in annual sales and no SDE on record. This isn't a business valuation. It's a different question entirely. Educational content — not investment advice.
By Justin K. Sellers · 10 min read · April 14, 2026
A turnkey restaurant in Atlanta, Georgia is listed for sale at $75,000.
The broker reports $180,590 in annual revenue.
No cash flow figure is disclosed.
This listing cannot be evaluated as a standard SDE multiple transaction. There is no SDE on record to calculate one.
According to Peak Business Valuation's restaurant industry data, restaurants typically transact at SDE multiples of 2.14x to 2.96x. We Sell Restaurants, the brokerage handling this very listing, states that SDE is the correct valuation basis for profitable restaurants, and that the difference between SDE-based and EBITDA-based pricing can exceed $200,000 on the same business.
No SDE is disclosed here. The math doesn't apply.
Instead, this listing is being sold on its assets and revenue footprint. That's a fundamentally different type of deal, with different risk, different upside, and different questions to ask.
That's what this analysis covers.
Live Listing, April 14, 2026Disclaimer: This is educational content, not investment advice. Listing availability changes. Financials need independent verification. Listing information summarized here is derived from publicly available marketing materials and may not reflect the full broker listing or current terms. Always conduct your own due diligence and seek qualified professional help before making acquisition decisions.
- Asking Price: $75,000 - Annual Revenue: $180,590 - Cash Flow (SDE): Not Disclosed - EBITDA: Not Disclosed - Established: Not Disclosed
- Location: Atlanta, Georgia - Size: 2,100 square feet - Monthly Rent: ~$4,000 - Lease: Not disclosed - Seating: 20 interior seats; ample parking noted - FF&E Value: Included (see equipment list below) - Inventory: Not disclosed
- Employees: Not disclosed - Hours: Late-night schedule (current hours not specified) - Services: Dine-in; delivery and takeout capable - Liquor License: None (no alcohol service currently) - Training: 1 week - Reason for Sale: "current owner shifts focus to opportunities closer to home"
"Buy this turnkey Restaurant for Sale in Atlanta, Georgia, and put your concept to work fast... step into an open and operating space without the delay, risk, and heavy cost of a ground up build out."
Key features listed:
- Hood system, grease trap, fryer, six-burner stove, pizza oven, convection oven, microwave, rice cooker, blender, prep tables, sheet pan racks, display case, conveyor toaster, POS system, security with cameras, flat screen TV, and smallwares included - "Second generation restaurant space of 2,100 square feet" - "Unsecured lending options available up to $500,000 for qualified buyers" - "Flexible to continue the current concept or introduce your own"
- Asking price: $75,000 - Reported cash flow (SDE): Not Disclosed - SDE multiple: Cannot be calculated - Revenue multiple: $75,000 ÷ $180,590 = 0.42x revenue
Industry Benchmark:According to Peak Business Valuation's restaurant industry data, restaurants typically transact at SDE multiples of 2.14x to 2.96x.
We Sell Restaurants notes that multiples typically range from 1.5x to 3x SDE for restaurant transactions.
On a revenue basis, restaurants typically transact at a revenue multiple range of 0.32x to 0.48x.
This listing: SDE multiple, incalculable. Revenue multiple, 0.42x.This is not a standard business sale. No SDE is disclosed, which means no operating profit is being sold. At 0.42x revenue, the price sits squarely inside the range for asset-based restaurant transactions. The question isn't whether this is priced correctly as a business. It's whether the assets are worth $75,000 to a buyer who intends to build a new concept here.
The absence of disclosed SDE is the loudest signal in this listing. According to We Sell Restaurants, a business without positive cash flow is classified in the industry as an "asset sale", valued on its furniture, fixtures, and equipment rather than on earnings. This listing may be an operating business, but it is being priced like one.
What's missing from this listing that might explain no disclosed SDE?
According to BizBuySell's restaurant benchmarking data, the median small restaurant SDE reached $126,500 in recent years, roughly 15–16% of median revenue of $773,000. A restaurant doing $180,590 in revenue would be expected to show SDE in the range of $18,000–$36,000 if margins tracked close to median, and that's a thin result.
Translation: At $180,590 in revenue, even if this restaurant had industry-average margins, its SDE would likely be modest. The fact that no SDE is disclosed at all suggests it may be at or near zero, or negative.
The question: If the business generates any meaningful owner benefit, why is that number absent from a listing prepared by a national restaurant brokerage?
Level 2 Decision:- PASS if seller provides 2–3 years of tax returns showing positive SDE, and buyer is comfortable with a low-margin operation - FAIL if no financial documentation exists or SDE is confirmed to be zero or negative
Industry cost data suggests opening a new quick-service restaurant runs approximately $535 per square foot. At 2,100 square feet, a new QSR buildout would cost roughly $1.1 million from scratch. We Sell Restaurants notes that building out a new restaurant from scratch can cost $150 to $300 per square foot for construction alone, compared to as little as $50 per square foot for cosmetic changes to a second-generation space.
Translation: $180,590 in annual revenue spread across 2,100 square feet means approximately $86 per square foot annually. That is a very low utilization rate for the space size and equipment package described in this listing.
The question: Is $180,590 the current annual run rate, or is it a prior year figure? If the business is open, is it trending up or down?
Level 2 Decision:- PASS if revenue is confirmed as current and trending upward, supported by recent P&L statements - FAIL if revenue is from a prior period and current sales are lower, or if no documentation exists
Restaurant finance experts advise targeting an occupancy cost of 5–7% of sales as ideal, with 8% as a practical ceiling and anything above 10% beginning to seriously impair profitability.
At $4,000/month ($48,000 annually) against $180,590 in revenue, occupancy cost is already at 26.6% of revenue. That is more than two and a half times the upper threshold of what industry benchmarks consider sustainable.
Translation: The rent is not manageable at this revenue level. A buyer keeping the current concept needs to substantially grow revenue, or the occupancy burden alone will prevent profitability.
The question: How many years remain on the lease? Does the lease include an assignment clause, or does transfer require landlord approval? Are there rent escalation clauses that increase cost further?
Level 2 Decision:- PASS if lease has 3+ years remaining with renewal options and a clean assignment clause at current rent - FAIL if lease is short-term, has no renewal, or requires new lease negotiation at potentially higher rent
Buyers are particularly cautious about lease agreements and the resilience of a business through recent economic shifts. Vague exit rationale combined with no disclosed cash flow warrants closer scrutiny.
Translation: This is a common and acceptable exit reason. But combined with no SDE disclosure, it raises a straightforward question: if the business is worth staying in, why leave?
The question: How long has the current owner operated this specific location? What has the revenue trend been over the past 24 months?
Level 2 Decision:- PASS if owner provides context showing stable or growing operation and a credible personal reason for exit - FAIL if the business is experiencing declining revenue and the owner is exiting a sinking ship
In Atlanta, the alcohol license application process typically takes 60–90 days from submission to final approval, with a recommended planning window of at least 120 days from initial application to opening with a license. The Atlanta Police Department's License and Permit Unit administers the process, which requires a certified distance survey, NPU neighborhood presentation, License Review Board hearing, and final approval from the Mayor's office.
Translation: Adding beer and wine is not a quick revenue lever. It requires navigating a multi-agency process in Atlanta, passing a distance survey confirming the location is not within prohibited proximity to a school or church, attending a neighborhood planning unit meeting, and clearing the License Review Board. This can take four months or more.
The question: Has a distance survey ever been conducted at this address? Is the location currently zoned for on-premises alcohol consumption? Has any prior application been filed or denied at this address?
Level 2 Decision:- PASS if location passes zoning and distance requirements, and buyer budgets 4–6 months for the licensing process - FAIL if a prior application was denied at this address, or if zoning prohibits alcohol sales
According to EATS Broker, restaurant asset sales typically price FF&E at 20–30% of original cost. We Sell Restaurants notes that when equipment is in place and operational, its value as a turnkey asset typically exceeds the value of individual pieces, but condition and age are the primary drivers of that premium.
Translation: The $75,000 asking price is essentially a bid on this equipment package plus the lease. If any major item (hood, grease trap, walk-in cooler, fryer) needs replacement, the true entry cost rises significantly. A replacement commercial hood system alone can cost $10,000–$30,000 installed.
The question: What is the age and service history of the major equipment items? Are hood cleaning certificates current? When was the grease trap last pumped and inspected?
Level 2 Decision:- PASS if all major equipment is less than 10 years old, service records are available, and hood certificates are current - FAIL if equipment is aging, no service documentation exists, or inspection reveals deferred maintenance
- No financial documentation exists (no tax returns, no P&L) - SDE is confirmed to be zero or negative - Lease has fewer than 2 years remaining with no renewal option - Major equipment requires immediate replacement - Alcohol license application was previously denied at this address
PROCEED to Level 3 if:- Seller can provide 2–3 years of financial records - Lease has meaningful term remaining with assignment rights - Equipment is in documented working condition - Revenue can be independently confirmed as current
"The listing shows $180,590 in revenue but does not disclose an SDE or owner benefit figure. Can you provide the seller's most recent profit and loss statement or tax return showing what the owner has taken home from this business?"
What you're listening for:- ✅ Good: "Yes, we have two years of P&Ls showing owner benefit of $X, I can share those under NDA." - ⚠️ Concerning: "The seller can provide some documentation after an NDA is signed but records are not fully organized." - ❌ Red flag: "This is a turnkey asset sale, books and records are not part of the transaction."
"What are the current lease terms, how many years remain, are there renewal options, and does the lease include a clean assignment clause for a sale of the business?"
What you're listening for:- ✅ Good: "Three years remain with two five-year options; the assignment clause permits transfer with landlord consent, which the landlord has already indicated willingness to grant." - ⚠️ Concerning: "There are 18 months remaining on the current term, the new owner would need to negotiate a new lease." - ❌ Red flag: "The lease expires soon and the landlord has not committed to terms for a new tenant."
"Is the $180,590 in sales a trailing twelve-month figure from the most recent period, or is it from a prior year? What does recent monthly revenue look like, is the business trending up, flat, or down?"
What you're listening for:- ✅ Good: "That is the trailing twelve months ending this quarter, here are the monthly POS reports showing steady volume." - ⚠️ Concerning: "That figure is from last year's tax return, recent performance has been softer." - ❌ Red flag: "We don't have recent sales data available, the seller does not use a POS system."
"Can you provide service records, hood cleaning certificates, and grease trap inspection history for the major equipment included in the sale? What is the age of the hood system, fryer, and refrigeration units?"
What you're listening for:- ✅ Good: "We have hood certificates from the last six months and can share full service records. Major equipment is under ten years old." - ⚠️ Concerning: "The seller has some records but they are not complete, the hood was cleaned recently but we don't have paperwork." - ❌ Red flag: "Equipment is being sold as-is with no warranty or documentation."
"Has a distance survey been conducted at this address for on-premises alcohol consumption? Is the location currently zoned for beer and wine service, and has any prior application been filed or denied here?"
What you're listening for:- ✅ Good: "The address passes the distance requirement and the zoning supports alcohol use, a new owner could apply immediately." - ⚠️ Concerning: "No survey has been done, a buyer would need to commission one, but the neighborhood is predominantly commercial so it should be fine." - ❌ Red flag: "A prior application was denied at this address" or "the zoning does not permit on-premises alcohol consumption."
If broker answers all 5 questions AND:
- Financial records confirm positive SDE - Lease has meaningful remaining term with assignment rights - Equipment records are clean - Revenue trend is current and stable
→ Schedule a site visit and commission independent equipment inspectionIf broker cannot produce financial records OR lease terms are unfavorable OR equipment condition is unknown:
→ WALK AWAY, the asset may not justify the asking price without documentationDisclaimer: This is educational content, not investment advice. Listing availability changes. Financials need independent verification. Listing information summarized here is derived from publicly available marketing materials and may not reflect the full broker listing or current terms. Always conduct your own due diligence and seek qualified professional help before making acquisition decisions.
This listing is not being sold as a profitable restaurant. No cash flow is disclosed. The broker's language ("bring your concept," "step into ownership," "flexible to continue the current concept or introduce your own") is the vocabulary of an asset sale, not a going-concern business transaction.
Industry data shows restaurants typically transact at 2.14x to 2.96x SDE. This listing cannot be evaluated that way. At 0.42x revenue, the price falls within the general range that industry data shows for revenue-based restaurant valuations, but that comparison only holds if the business is actually generating revenue at the reported level today.
Most likely scenarios:1. The business is generating little to no owner profit at current revenue levels, and the $75,000 price reflects an honest market value for the equipment package and lease position, not a business. 2. Revenue has declined from a prior peak, and the $180,590 figure reflects an earlier period. Current run-rate may be lower. 3. The business is marginally profitable and the seller simply did not present SDE because it would not support a premium price, making this a legitimate asset acquisition for the right concept-driven buyer.
Based on the occupancy cost math ($48,000/year against $180,590 in revenue = 26.6% occupancy burden), any buyer maintaining the current concept faces an extremely difficult path to profitability without a significant revenue increase.
Before making any offer:Require 24 months of bank statements or POS reports to confirm current revenue run-rate. Hire an independent equipment inspector to assess condition and remaining useful life of major items. Confirm the remaining lease term and assignment rights in writing before any offer is made.
Fair value estimate (if all checks out):IF lease has 3+ years remaining at $4,000/month AND equipment is in documented working condition AND revenue is confirmed at $180,590 or higher:
- Asset value of equipment package: likely $30,000–$60,000 at 20–30% of replacement cost - Lease position premium (avoiding buildout costs): variable, but meaningful - Fair value as an asset acquisition: $50,000–$80,000, depending on lease quality and equipment condition
At $75,000 asking, this deal is not overpriced, if the assets check out.
Your job: Verify the assets before you buy them.[BROKER_CARD]
This analysis uses publicly available listing information for educational purposes. Research conducted April 14, 2026. For corrections: justin@qsrresearchhub.com
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